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Misunderstanding of credit card debt could harm Tennessee debtors

When a young adult first moves away from their parents and begins to make serious decisions on their own, those decisions are sometimes not always made with the consequences in mind. As a result, many young Tennessee residents could find themselves facing credit card debt due to not fully understanding what using the cards entails. In recent years, policies have been put into place to help young adults not fall victim to credit card offers by having to provide proof of income if under the age of 21.

This policy caused credit card companies to focus less on college freshmen who were out on their own likely for the first time. However, even though very young adults are no longer a strong target, debt issues can still plague many adults who do not use their credit cards wisely or who do not fully understand the terms of use. Using cards knowledgeably can be an effective financial strategy, but credit companies have strategies of their own.

Promotions and other offers can seem like good deals at the time. However, if a person applies for a card or uses the card to participate in the promotional offer without knowing the details, their debt could accumulate more quickly than expected. Some credit companies offer no interest on certain purchases or for a certain period of time, but that offer could cause issues if the consumer is not clear on the specifics of what purchases qualify or for how long the grace period is.

Falling victim to credit card debt can happen to anyone more quickly than expected. Understanding how credit and card use work can make a great deal of difference in how beneficial credit cards can be. Unfortunately, some people have already fallen victim to the over use of credit and may need other options to help with their financial situation. In these cases, information on Tennessee bankruptcy laws and other debt management options could be a beneficial step in relieving a financial burden.

Source:, Column: Credit cards can fool you into debt, Lynne Richardson, Nov. 10, 2013

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